In this conversation, Richard Lewis and Adam Hanover, founders of Redwood Services, discuss their unique approach to private equity in the home services industry. They emphasize the importance of partnerships, culture, and a long-term investment strategy that prioritizes the growth and success of...
In this conversation, Richard Lewis and Adam Hanover, founders of Redwood Services, discuss their unique approach to private equity in the home services industry. They emphasize the importance of partnerships, culture, and a long-term investment strategy that prioritizes the growth and success of local businesses. The discussion covers their backgrounds, the philosophy behind their 'build to hold' strategy, and the significance of operational excellence and leadership in achieving sustainable growth. They also address the perception of private equity and the role of technology in enhancing business operations.
00:00 Introduction to Redwood Services and Its Founders
06:01 Adam Hanover's Background and Investment Philosophy
08:57 The Build to Hold Strategy in Private Equity
11:46 Partnerships and the Importance of Culture
14:56 Revenue Streams and Operational Excellence
20:55 Identifying Ideal Partner Companies
23:47 Economies of Scale vs. Local Management
32:47 Marketing and Customer Retention Strategies
38:57 Lessons Learned and Advice for New Entrepreneurs
42:08 The Role of Technology in Home Services
44:46 The Perception of Private Equity